Today’s edition of Insurance Straight Talk is for those who want to maximize what they leave behind.
Whether you want to leave your assets to a charity, to a loved one, or a combination thereof, Single Premium Whole Life Insurance might be worth considering.
According to Assurity Life, “This affordable, permanent insurance policy is ideal for individual and estate planning needs. It’s an attractive alternative for mature clients who wish to convert an existing taxable asset and gain the benefits of lifetime coverage, combined with significant policy values and tax deferred growth.”
For example, let’s say you’re a 64 year old male and have $250,000 that you plan to give to your children upon your death. A Single Premium Whole Life Insurance policy could turn that $250,000 into $377,820 which, based on current tax laws, would pass income tax free to the named beneficiaries. Higher and lower limits are available.
Benefits of a Single Premium Whole Life Insurance policy
- Single premium immediately increases the death benefit
- Tax-deferred accumulation of cash value
- Income tax free benefit for beneficiaries
- Death benefit bypasses probate
- Access to principal / cash value through policy surrender and loans
What do I need to qualify?
One of the carriers that offers this product has only four questions on the application. Has the proposed insured been:
- diagnosed with or treated within the last 5 years by a licensed member of the medical profession for: congestive heart failure or cancer, other than basal cell skin cancer?
- diagnosed with or treated within the last 10 years by a licensed member of the medical profession for: heart disease, heart attack, stroke, mini-stroke, heart valve diseases, aneurysm, peripheral vascular disease, carotid artery disease, Alzheimer’s disease, dementia, emphysema, chronic obstructive pulmonary disease (COPD) or chronic bronchitis?
- diagnosed with or treated within the last 10 years by a licensed member of the medical profession for infection with Human Immunodeficiency Virus (HIV) or Acquired Immunodeficiency Syndrome (AIDS)?
- declined refused, or turned down for life insurance?
Who can I talk with about this?
Contact Olde Liberty Insurance today to discuss if a Connecticut Single Premium Whole Life Insurance policy might be a good fit for you. We can tailor a no-obligation, customized quote for your specific needs.